Amaya Inc. founder and former chief executive officer David Baazov is set to face trial in November over allegations of ‘insider trading’, local media reports.
At a hearing on Tuesday, Judge Claude Leblond of the Quebec Court set a Nov. 20 start date for the trials, which is expected to last around 13 weeks.
Baazov is suspected of using privileged information in order to influence the market price of Amaya securities during his tenure at Amaya Inc.
Quebec’s securities regulator, Autorité des marchés financiers (AMF) has said it will call upon 50 witnesses to testify against Baazov.
The Amaya chief took a voluntary indefinite paid leave of absence last year in March as a result of the insider trading allegations.
In November, Baazov announced plans to privatize the company in a $4.1 billion bid.
However in December, the former CEO withdrew his bid, saying the price sought by shareholders was too high.